Verafin Records Another Year of Revenue and Bookings Growth

Consecutive annual placement on Deloitte’s Technology Fast 500 list, a large increase in annual bookings and revenue growth, and an endorsed partnership with Florida Bankers Association (FBA) amongst the highlights for fraud detection and anti-money laundering software provider.

February 21, 2013

Verafin Inc., a leading provider of fraud detection and anti-money laundering (FRAML™) software, today announced another year of growth with a nearly 50% increase in bookings and revenue versus 2011.

“We have made a significant investment to create the ultimate customer experience in our Software-as-a-Service [SaaS] environment,” says Jamie King, Verafin’s CEO. “Our strong new customer growth and high customer retention rate give a powerful indication that financial institutions believe in the value that Verafin provides.”

During 2012, Verafin’s momentum continued as the company wrapped up another year of notable achievements, including:

  • A nearly 50% increase in both bookings and revenue, compared to 2011;
  • A total customer base of over 975 financial institutions by year end;
  • Continued customer retention rate of 99%;
  • Ranked 231st on Deloitte’s Technology Fast 500™, a ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America;
  • Exclusive partnership with Florida Bankers Association, chosen to protect the FBA’s over 300 member banks from financial crime;
  • Continuous product innovation including remote banking fraud functionality that helped financial institutions protect their customers and prevent online fraud loss;
  • Delivered support for new FinCEN regulatory reporting requirements ahead of the 2013 deadline;
  • Chosen as one of the top 10 Best Places to Work in Atlantic Canada by Progress Magazine.

Most importantly, Verafin’s innovative FRAML software continues to help financial institutions across North America stay a step ahead of the latest criminal fraud schemes. Laura Dennehy, BSA Specialist and fraud investigator at BankFIRST, a commercial bank located in Central Florida, shares one example. In just two months, Verafin helped BankFIRST prevent over $140,000 in online fraud losses. “We saw [the remote banking fraud alert] in Verafin and called the customer right away,” says Laura. “There is just no way we would have caught [the activity] without Verafin, we would not have even seen it until at least the next day when they were already gone.”

Offering a FRAML software solution that analyzes customer activity and data for anomalous activity across transaction channels, Verafin enables fraud detection and BSA/AML compliance professionals to quickly and effectively respond to suspicious activity. Powerful and easy-to-use, the FRAML software is a complete package, from alert generation to case management and automated electronic regulatory reporting.